Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

Argent Energy, a leader of massive commercial production of biodiesel in the UK, has been bought by a green investment company.

Argent, based near Motherwell, was sold to a subsidiary of London-based John Swire & Sons for an undisclosed sum.

Argent makes green road fuel by recycling wastes and residues such as utilized cooking oil and tallow from the meat industry.

The company will remain in personal ownership and will continue to run individually.

Its senior management, including chairman Andy Hunter, managing director Jim Walker and financial director Jim Boyd are to remain with the business.

Souter Investments, the personal financial investment company of transport tycoon Sir Brian Souter, verified it had actually offered its 37% stake in Argent.

'Future capacity'

Mr Walker said the investment by John Swire underlined Argent's strong market position, adding there was now an opportunity "to take Argent's abilities more afield".

Barnaby Swire, of John Swire, stated his company was dedicated to "checking out and investing in innovative and practical green markets".

He added: "We are delighted to be getting Argent Energy, a company which our company believe can grow and prosper not only within the UK but also overseas, in specific in Asian markets with which Swire Group business recognize.

"John Swire & Sons Ltd sees in Argent Energy's employees a mix of attributes and values that are suitable with our own, and anticipate dealing with them to increase future capacity."

Argent was developed in 2001. In 2009 it was purchased by a consortium that included senior management together with Souter Investments.

Its plant at Newarthill, near Motherwell, has the capacity to produce approximately 50 million litres of biodiesel a year.

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